In recent years, the renminbi's internationalization has been continuously advancing. The renminbi's global payment share reached 2.3 percent in 2022, making it the fifth largest payment currency in the world. As of the end of last year, the renminbi's share in global foreign exchange reserves stood at 2.7 percent, also the fifth largest. In May 2022, the International Monetary Fund increased the weight of the renminbi in its Special Drawing Rights currency basket from 10.92 percent to 12.28 percent, giving the Chinese currency the third biggest share of the SDR basket.